How to be ready for unemployment? (He took a 50% pay cut but was unemployed again one year later.)

Reader says...

I am with you on achieving Financial Independence.

It's a fallback plan in the midst of a super competitive employment environment flooded with Foreign Talents.

Government can raise the retirement age to whatever they want but how many companies are willing to offer those above 50 YO decent paying jobs, except fast food outlets and a few others.






Speaking from experience on this.

Once retrenched, even in our 40s, it is hard to get back the same job.

I took a 50% pay cut for a 1 yer contract job and then became unemployed again.

Every year that passed, my market value is dropping.

I will go to McDonalds to be a cleaner soon.






I also know of a 30 YO friend who studied finance in NXX (a local university) and was retrenced from finance industry after working for 5 years.

After 1 year of job searching, he gave up and resorted to joining WSG program to find a job which paid $2K+ a month and restarted his life all over again.

My engineering cohort, 30% are unemployed by now and not by choice.






With so many government assisted programs on WSG website, we can make a guess how "good" the situation is.

So, no surprise that many young people are talking about F.I.R.E. (Financial Independence Retiring Early) these days.

It's a by-product of the current day situation and fear.

I also started reading your blog when I became unemployed 4 years ago.






What does AK have to say?

Don't ask 

"When we need to stop working, are we ready?"

Instead, ask 

"If we want to stop working, are we ready?"





How to be ready?

The best insurance in life is having sufficient passive income to maintain our lifestyle.

Be ready!

If AK can do it, so can you!






Related posts:
1. Freedom from wage slavery.
2. Best insurance in life.